- Indian police have arrested Babulal Bhatt for his involvement in a $148 million cryptocurrency rip-off.
- Bhatt allegedly robbed 2,091 Bitcoins, 11,000 Litecoins and Rs 145 crore in money from workers of Satish Kumbani, a promoter of BitCoin.
- The ED is investigating the distribution and utilization of the looted funds.
The Enforcement Directorate of India (ED) has arrested Gujarat resident Shailesh Babulal Bhatt in reference to a cryptocurrency-related extortion case value over Rs 1,200 crore. Bhatt, who’s allegedly concerned in a number of kidnapping and extortion circumstances, was arrested on Tuesday, the ED stated in a press release on Saturday.
The ED's investigation into cash laundering actions was initiated following two FIRs filed by the Surat Police CID in opposition to Satish Kumbani, the alleged promoter of BitConnect Coin.
The cryptocurrency platform BitCoin lured buyers with a sexy scheme between 2017 and 2018. Nevertheless, in January 2018, Kumbani all of a sudden stopped promoting BitCoin, shut down the platform, and ran off with investor funds.
Bhatt, who had invested in Bitcoin, resorted to excessive measures to get his funding again, kidnapping two of Kumbani's workers and extorting a staggering quantity of two,091 Bitcoins, 11,000 Litecoins and Rs 145 million in money as ransom. The ED revealed that the present worth of those crypto belongings is Rs 1,232.50, or $148,378,150.
Additional, Bhatt distributed Rs 2,890 crore of the extortion funds to his accomplices who had been actively concerned within the kidnapping and extortion actions. These illicit proceeds had been used to accumulate immovable properties, gold and different helpful belongings.
The central company confused that Bhatt's arrest is a part of a broader effort to crack down on cash laundering actions associated to the cryptocurrency rip-off. The ED is actively investigating the case to uncover additional particulars relating to the distribution and use of the stolen funds.
“ED's motion displays its willpower to struggle monetary crimes and maintain criminals accountable. ED's ongoing investigations are geared toward tracing and confiscating illegally acquired belongings, preserving monetary integrity and defending buyers.”
Disclaimer: The knowledge offered on this article is for informational and academic functions solely. This text doesn’t represent any type of monetary recommendation or counsel. Coin Version will not be liable for any losses incurred on account of using the content material, merchandise, or providers talked about. Readers are suggested to train warning earlier than taking any motion associated to our firm.
